Question on BOA tactics
Date: Wed, 05/12/2010 - 19:02
They offered 45% and I countered with 25%. They wouldn't even hear it.
I'm hoping to meet in the middle but the guy I talked to said that their threshold wouldn't change until the next billing period and the account might be charged off by then. Is this true in your experience? I really want to work this out and have a little money to do it. I just can't afford the bigger numbers as I have several accounts left over from this business failure.
I've not been in this situation before. Do I keep talking every few days? Try to get through to a different person? How do I get them to an amount I know that I'll be able to meet? If I commit to a larger number then I"ll just end up defaulting on that.
Thoughts?
Yeah, you would need to keep the channels of communication open.
Yeah, you would need to keep the channels of communication open. Try to talk to someone who is up in the ladder. May be you would get a better deal there.
Not always the lender would agree to your offer but you may have to keep trying.
It is my understanding that charge off can happen at 180 days BU
It is my understanding that charge off can happen at 180 days BUT if you keep communicating with them you might be able to hold that off. I do not know why they are being so difficult with you. They offered me 40% at 90 days and I am waiting for it to go later to see if I can get a lower percentage...I would do as SC says and try talking to them probably every few days and hope to get a different person. Maybe even ask for an account manager??? Good luck and keep us posted.
Quote:Originally Posted by peterxxThey offered 45% and I counter
Quote:
Originally Posted by peterxx They offered 45% and I countered with 25%. They wouldn't even hear it. Thoughts? |
OK. Peter, what you need is direct boa/fia settlement info. They have their own methods. For the past few months, management stamps the cards with threshholds and the reps CANNOT settle lower.
Mine was stamped 30% at 120 days and went all the way to chargeoff with no change, regardless of whom I talked with or how close my offer was. Hell, they turned down 28% flat. I settled 3 lines totalling $42k for $12k.
I know some say they have settled lower, especially on businesslines....but not me. Good Luck.
